Top Treasury job a bailout unknown

WASHINGTON, Sept. 25 (UPI) -- A critical, but murky aspect of the $700 billion financial bailout plan under debate in Washington is choosing a successor for the plan's designer.

U.S. Secretary Henry Paulson Jr. has said he will step down from his post in January, leaving behind a plan -- which in its original form included massive amounts of money spent that "may not be reviewed by any court of law or any administrative agency" -- in the hands of others, The Washington Post reported Thursday.

Paulson has since said he would back an amendment to assemble an oversight board. But, the next treasury secretary would still guide a massive intervention that is struggling to reach consensus in Washington.

Sen. Robert Casey, D-Pa., has said he hopes presidential candidates Barack Obama and John McCain would use Friday night's debate to describe or name Paulson's replacement, the Post reported.

McCain could ask former head of the New York Stock Exchange John Thain to take the position. Former Massachusetts governor Mitt Romney and former Texas senator Phil Gramm could also be on McCain's list of candidates, the Post reported.

United Press International is a leading provider of news, photos and information to millions of readers around the globe via UPI.com and its licensing services.

With a history of reliable reporting dating back to 1907, today's UPI is a credible source for the most important stories of the day, continually updated - a one-stop site for U.S. and world news, as well as entertainment, trends, science, health and stunning photography. UPI also provides insightful reports on key topics of geopolitical importance, including energy and security.

A Spanish version of the site reaches millions of readers in Latin America and beyond.

UPI was founded in 1907 by E.W. Scripps as the United Press (UP). It became known as UPI after a merger with the International News Service in 1958, which was founded in 1909 by William Randolph Hearst. Today, UPI is owned by News World Communications.